SIMAH hosts LEI ‘Meet the Market’ Forum

SIMAH hosts LEI ‘Meet the Market’ Forum

Saudi Credit Bureau (SIMAH), the first licensed credit bureau in the Kingdom, hosted a Legal Entity Identifier (LEI) “Meet the Market” Forum recently, under the auspices of the vice governor of the Saudi Arabian Monetary Authority (SAMA), Saleh Al-Furaih. LEI is a 20-digit, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It enables clear and unique identification of legal entities participating in financial transactions.SIMAH’s forum came as part of the Annual International Meeting of the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) and the Global Legal Entity Identifier Foundation (GLEIF). The forum was attended by officials and representatives of banking and finance sectors, LEI ROC, GLIEF and other Local Operating Units (LOUs).GLIEF officially accredited SIMAH last September to act as a full LOU. SIMAH Business launched its non-profit Moa’rif service to identify legally independent entities and companies. Moa’rif enables companies to comply with various reporting requirements, while at the same time enhancing transparency. It helps measure and monitor systemic cross-border payment transfer risk, enables regulators globally to more accurately obtain a view on risk to the financial system, helps individual firms more effectively measure and manage counter-party exposure through a common view of legal entities across the organization, and promotes coordination. Moa’rif has so far issued 191 identifiers. GLIEF was established by the Financial Stability Forum (FSB) in June 2014 as a not-for-profit organization to support the implementation and use of LEIs, and is overseen by ROC LEI. ROC LEI is a group of 71 public authorities and 19 observers from more than 50 countries established in January 2013 to coordinate and oversee a worldwide framework of legal entity identification, the Global LEI System. SIMAH Business is designed to provide credit information to all companies and institutions operating on the Saudi market, representing their financial solvency. This allows members to study the credit behaviors of its commercial clients and to assess credit risk in order to make sound decisions.

Bahri’s maritime solutions on show

Updated 20 February 2019

Arab News

February 20, 2019 21:36

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Saudi shipping company Bahri is demonstrating its commitment to advancing the growth of maritime industry and improving security in the logistics business at the International Defense Exhibition (IDEX) and Naval Defense and Maritime Security Exhibition (NAVDEX).

The events are being held under the patronage of Sheikh Khalifa bin Zayed Al-Nahyan, president of the UAE and supreme commander of the UAE Armed Forces in Abu Dhabi from Feb.17-21.

As part of its participation, Bahri is showcasing its maritime capabilities and innovation-driven solutions at the largest defense expo in the Middle East. The company is also highlighting its unmanned surface vessels (USVs) at its booth. Powered by MAP Pro technology, which transforms any vessel into an autonomous one, Bahri’s USVs are capable of numerous applications, including gathering data, surveillance and reconnaissance. In addition, the vessels offer significant cost savings and reduce human workload in high-risk operations.

Bringing together more than 1,310 specialized companies from 62 countries, both events offer a strategic business platform for exhibitors to present their latest naval, maritime and coastal security technology, equipment and crafts, and explore partnership opportunities with local and international companies.

Abdullah Aldubaikhi, CEO of Bahri, said: “Events such as IDEX and NAVDEX provide a unique opportunity to gather new insights into new security technologies that can help companies thrive in a safe and secure trade. With Saudi Arabia being at the forefront of efforts aimed at maintaining stability and security in the region, maritime security is a key focus area for the Kingdom.”

Aldubaikhi added: “Bahri’s presence at IDEX and NAVDEX 2019 is part of our strategy to further strengthen our offerings to enhance the Kingdom’s maritime capabilities and support its transformation as the world’s leading logistics hub. The exhibition also provides us with an excellent platform to connect with our customers and explore new partnership opportunities that will further drive our ambitious expansion plans.”

Bahri Logistics, one of the five business units within Bahri and one of the top 10 breakbulk carriers in the world, operates six new state-of-the-art multipurpose vessels that are capable of carrying different types of cargo, including project, ro-ro, breakbulk, equipment, and container cargo.